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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 6, 1974, Lethbridge, Alberta Wetirmday, November 6, LETHBRIDGE HERALD Patching up tattered banking system B of E enjoying success on world financial scene LONDON (CP) Behind a prim facade of Corinthian pillars in the heart of London's fi- nancial district, the Old Lady of Threadneedle Street has been enjoying a remarkable success patching up the tattered international banking system. The Old Lady, a bitter-sweet nickname for the Bank of Eng- land, has even surprised herself with the speed of her progress in the last month or so. The central bank was prodded into its state of hyperactivity by the collapse last June of a major West German commercial bank, I.D. Herstatt, and an earlier string of banking fail- ures on the continent and in the United States. Fears mushroomed in international financial circles that a major crisis mght develop in the world's largest, fastest growing money market, the Euro- currency market. Leading finance ministers and central bank governors con- ferred feverishly in an effort to reach inter- national agreement on ways of preventing such a development, and at a governors' meeting in Basle in September hints were given that a general solution had been found. Details now are beginning to emerge, and it appears that the Basle agreement was in effect simply British proposals for dealing with the problem, and at the moment it is being put to use formally only by the Bank of England. At the root of concerns about inter- national banking has been the nature of the Euro-currency market, made up of national currencies placed on deposit with foreign banks. These banks, in turn, are mainly sub- sidiaries of parent firms in the U.S., Britain, the large West European countries and, to a lesser extent, Canada and Japan. Its basic function is to attract deposits by offering slightly-higher interest rates than pre- vail elsewhere and to lend to governments and other large in- stitutions. The aspect of the market which most frightens central bankers is that it is vir- tually free of regulation; since the funds in which it deals have been removed from their na- tional jurisdictions. The main question they had to answer was who should be re- sponsible for protecting depositors in cases where a foreign branch of a bank failed: the branch's parent or the government of the country where it had been operating? The British proposed to make parent banks and their governments responsible entirely for the action of foreign branches. Although the British stance seems to have won general favor with central bank gover- nors, it has run into con- siderable opposition from a number of Western finance ministers. In the absence of any agreement on the political level, Gordon Richardson, governor of the Bank of England, appears to have been given a relatively free hand by the treasury to proceed with working out details of the British proposal on a technical level. Sources say he has written to the head of- fices of all major banks with branches in Lon- don, centre of the Euro- currency market, and asked whether they would be prepared to accept the British posi- tion if their subsidiaries were in difficulty. Newsprint price raised NEW YORK (AP) Bowater Sales Co. said Tues- day it will increase its price of 30-pound newsprint by a ton to a ton, effective Jan. 1. Other newsprint producers in the United States and Canada previously had an- nounced increases to a ton, also effective Jan. 1. Bowater President B. R. Pryde said the company "deliberately delayed any an- nouncement until the four Bowater North American mills had prepared their manufacturing cost estimates for next year." MATURE FOR AGE Australia's brush turkey has a complete coat of feathers when hatched and is able to fly almost immediately. The best to you from Palm. Milk. PRLM PALM DAIRIES LIMITED at YOU TOMATO JUICE Town House Canada Fancy, 48 fl. oz. tin SPECIAL HOUSE and SAVE! TOMATO CATSUP Town House, 20 fl. oz. bottle SPECIAL Serving Suggestion Serving Suggestion Frozen Turkeys I Ground Beef I Frying Chicken Pinecrest Canada Grade A 6 to 10 Ib. Size Fresh Regular Quality Manor House Frozen Cut Up Tray Pack L SAFEWAT SPICIAl NIC! SAftWAT SPECIAL PUCE SAFEWAT SPECIAL PIKE STRAWBERRIES Bel Air Canada Fancy Sliced Frozen, 15 oz. net wt. pkg. 59 HASH BROWNS 3 Scotch Treat Canada Choice Rotetoes, Frozen 2 Ib. ft ICECREAM Fresh. Ib. Centre Cut Canada Grade A Beef. Ib. Binch Brand Pure Bulk. Ib. Snow Star Assorted Flavours, 6 pint carton MANUFACTURERS' FOOD OFFEBI MANUFACTURERS' OFFEBI JEW) POWDERS FABRIC SOFTENER QQc SOUP MlA STUART HOUSE Qrickw iJMfli. 4% oz. Ml wl. 2 pack Rupert Brand Homt Stjrli 12oz.netwt. pkg QsTQc POWER LOGS 499 %r FROZEN WHITE FLOUR 969 DETERGENT 7Qc FISH CAK1S tota Hood All Purpose. 20 Ib big JqrlipMDoiltollicli.dZil o? .plutic f V SWEET PICKLES OCc SHAMPOO 149 ........................jJiJ f Wheat Com I Honey or Creme Rinse, 16 a 01 bottle X HOT CHOCOLATE 159 ANTISEPTIC 109 2ft. thi...................... JL 12fl. oz. PORK TENDERLOIN BEEF SHANKS PORK SAUSAGE SLICED BACON MORE MEAT SPECIALS! 49' Swifts Premium or Lazy Maple Rindltss Side. lib. pkg..... i 79' 0 135 PIECE BOLOGNA FILLETS Rupert Brand Golden Butter 16 frozen pkg. 1 09 SALES IN RETAIL QUANTITIES ONLY! Canada Safeway Limited ;